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Executive Order enacting special economic measures for air transport in connection with the unfriendly actions by certain countries and international organisations

November 30, 2023

The President signed the Executive Order Enacting Special Economic Measures for Air Transport in connection with the Unfriendly Actions by Certain Countries and International Organisations.

The President signed the executive order to defend the national interests of the Russian Federation in response to the unfriendly actions by the United States and other countries and international organisations which followed the US in imposing restrictions against Russian nationals and legal entities in violation of international law.

The executive order provides for undertaking special economic measures regarding certain foreign entities and affiliated persons in connection with the threats they pose to the national interests and economic security of the Russian Federation by violating obligations dealing with managing the Northern Capital Gateway Consortium LLC. This consortium is a party to the October 30, 2009, agreement to establish, upgrade and operate facilities within Pulkovo Airport as a public-private partnership.

Specifically, the Government of the Russian Federation shall set up the NCGC Holding limited liability company with a charter capital of 169 billion rubles. It must be established following a procedure as defined by the Government of the Russian Federation, which shall not act as the founder of or participant in NCGC Holding.

The new holding structure will include companies holding stakes in Northern Capital Gateway Consortium LLC through Thalita Trading Limited, a foreign holding company. The ownership of a 100 percent stake in Northern Capital Gateway Consortium LLC’s capital shall be transferred from Thalita Trading Limited to NCGC Holding under the terms and in the manner set forth by the Government of the Russian Federation. Obligations under loan agreements signed by the consortium participants to finance Thalita Trading Limited shall be terminated as of NCGC Holding’s founding date.

The Government of the Russian Federation shall appoint a sole executive body for NCGC Holding and approve its charter as part of the procedures to establish this entity.

Any disputes arising from the legal matters related to carrying out this executive order shall be referred to the Commercial Court of the city of Moscow.

The Government of the Russian Federation shall have the right to issue official opinions on the operation of this executive order.

November 30, 2023